LION FUND, L.P. 4
4 · Biglari Holdings Inc. · Filed Mar 9, 2026
Research Summary
AI-generated summary of this filing
Biglari Holdings (BH) 10% Owner Sardar Biglari Buys 3,320 Shares
What Happened Sardar Biglari, reported as a 10% owner of Biglari Holdings Inc. (BH), purchased 3,320 shares of BH on March 9, 2026 in open‑market transactions for a total reported cost of $999,519 (weighted average price $301.06). This was a purchase (buy), which some investors view as a more informative signal than an insider sale, though it does not by itself indicate motivation.
Key Details
- Transaction date: 2026-03-09 (filed the same day).
- Transaction type/code: Open market purchase (P).
- Shares acquired: 3,320; weighted average price reported $301.06; total consideration $999,519.
- Price range: purchases occurred at prices between $295.32 and $308.91 (footnote F3); the $301.06 is a weighted average.
- Ownership reporting: The Form 4 is filed jointly by Sardar Biglari, Biglari Capital Corp. (BCC) and The Lion Fund, L.P.; each disclaims beneficial ownership except to the extent of pecuniary interest.
- Footnotes of note:
- F1/F2: Shares are owned directly by BCC and The Lion Fund; BCC is general partner of the Lion Fund and Mr. Biglari is the sole member/CEO of BCC, so he may be deemed a beneficial owner of shares held by those entities.
- F3: Reporting person will provide breakdown of shares purchased at each price upon request.
- Shares owned after the transaction: not specified in the provided excerpt of the filing.
Context Because the filing shows Sardar Biglari as a 10% owner and is reported jointly with his investment entities (BCC and the Lion Fund), this reflects institutional/insider ownership structure rather than a routine employee trade. The seller/executor details are straightforward (open‑market buys); no options exercise, award, gift, or tax‑withholding events are reported.
Insider Transaction Report
- Purchase
Class B common stock
[F3][F2]2026-03-09$301.06/sh+3,320$999,519→ 1,342,620 total(indirect: By The Lion Fund, L.P.)
- 128,811.7(indirect: By The Lion Fund, L.P.)
Class A common stock
[F2] - 0.1
Class A common stock
- 25,663.1(indirect: By Biglari Capital Corp.)
Class A common stock
[F1] - 1
Class B common stock
- 71,855(indirect: By Biglari Capital Corp.)
Class B common stock
[F1]
Footnotes (3)
- [F1]Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.
- [F2]Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Class A and Class B common stock of the Issuer owned directly by the Lion Fund.
- [F3]The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $295.32 to $308.91. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.